Shark Tank India: Anupam Mittal Calls Out Maharashtra Trio’s Questionable Financial Claims
Anupam Mittal, a shark on Shark Tank India, criticized a trio of founders from Maharashtra for their inflated financial claims and questionable accounting practices.
Shark TankAnupam MittalMaharashtraFinancial ClaimsAccounting PracticesReal Estate MaharashtraJan 23, 2025
The company aims to help small shopkeepers track sales and reduce skimming in their businesses.
The panel of sharks, including Anupam Mittal, Namita Thapar, Ritesh Agarwal, Kunal Bahl, and Aman Gupta, listened to the founders with keen interest.
However, the pitch quickly turned rocky, revealing several red flags in their financial claims and business practices.
The founders explained that their revenue model involved selling billing machines to shopkeepers and earning through subscription fees.
When the sharks questioned if they had tested the renewal rates, the founders admitted they hadn’t been in business long enough to provide concrete data.
Despite this, they confidently projected a revenue of ₹30 crore, which raised eyebrows among the investors.
Namita Thapar took the time to explain the difference between cash and accrual accounting, stressing that the latter provides a more accurate picture of a business’s performance.
She emphasized, “Accrual accounting is always the preferred method as it paints a clearer picture of the financial health of a business.”
Anupam Mittal, visibly unimpressed, remarked, “Puri daal hi kaali hai boss.” He dismissed the founders’ claims that their accounting practices were unintentional, stating, “You’re professionals; don’t pretend like you didn’t know what you were doing.” Namita Thapar agreed, calling it an issue of integrity rather than just an accounting mistake.
Ritesh Agarwal and Namita Thapar decided to withdraw from the deal, citing a lack of confidence in the business’s integrity and advising the founders to revisit their accounting practices.
Aman Gupta, while appreciating their business acumen, noted, “You want to succeed in a subscription model in a country where even Amazon and Netflix are struggling.
It’s important to build a solid foundation and avoid shady practices.”
The episode highlighted the importance of transparency and ethical business practices in gaining the trust of investors.
It also served as a reminder to aspiring entrepreneurs that inflated claims and poor accounting can quickly derail even the most promising business ideas.
Frequently Asked Questions
What is Shark Tank India?
Shark Tank India is a popular reality TV show where entrepreneurs pitch their business ideas to a panel of investors (sharks) in exchange for funding and mentorship.
Who are the founders of Ezo?
The founders of Ezo are a trio from Maharashtra who presented their business idea on Shark Tank India to help small shopkeepers track sales and reduce skimming.
What was the revenue projection by the Ezo founders?
The Ezo founders projected a revenue of ₹30 crore, which raised questions among the sharks about the feasibility of their claims.
What is the difference between cash and accrual accounting?
Cash accounting records transactions when cash is received or paid, while accrual accounting records transactions when they occur, providing a more accurate picture of a business's financial performance.
Why did Ritesh Agarwal and Namita Thapar withdraw from the deal?
Ritesh Agarwal and Namita Thapar withdrew from the deal due to a lack of confidence in the business's integrity and the founders' questionable accounting practices.
Related News Articles
Selena Gomez Joins Billionaire Club with Estimated Net Worth of ₹10,918 Crore
The actress and entrepreneur's wealth comes from her successful beauty brand, Rare Beauty, as well as other ventures such as music album sales, real estate investments, and mental health startup Wondermind.
Amazon Plans to Downsize: 14,000 Managerial Roles at Risk by 2025
E-commerce giant Amazon is considering a significant reduction in its managerial workforce, with up to 14,000 roles at risk of being cut as early as 2025.
Private Equity Investments in Indian Real Estate Decrease by 4%
Private equity investments in the Indian real estate sector saw a decline of 4% in the recent period, signaling a shift in market dynamics and investor sentiment. This article explores the reasons behind this decrease and its implications for the industry
Lemon Tree Hotels Share Price Expected to Hit Rs 164: ICICI Securities Analysis
ICICI Securities has projected that the share price of Lemon Tree Hotels could reach Rs 164, driven by a focus on premiumization and the stabilizing performance of new properties such as Aurika Mumbai.
Rachel Duffy’s $3.5 Million Maui Farm Purchase: A Dream Come True
Rachel Duffy, known for her robust real estate portfolio, has added another gem to her collection. She recently bought a $3.5 million farm in Maui, Hawaii, further boosting her net worth and investment portfolio.
Lodha vs Lodha: The High-Profile Real Estate Feud That Rocked India
The dispute between the Lodha brothers, Abhinandan and Prateek, has been one of the most talked-about legal battles in the Indian real estate sector. Here’s a detailed look at the conflict and its implications.